The Canadian Newswire recently reported that 70% of younger Canadians are interested in having more information to be available about buying their first home. That’s not surprising.  Buying your first home can be pretty daunting, and it’s difficult to find a clear road map of the steps necessary and the options that are available.

Luckily the Canadian Real Estate Association (CREA), partnered with the Financial Consumer Agency of Canada (FCAC) released a PDF called the Homebuyers’ Road Map.  It’s a great introductory guide.  Here’s what we liked and what we didn’t like about this guide.

Great Checklist For Realtor Services To Look For

The section “Navigating with a REALTOR” is a great list of must-have services that your real estate agent should provide, and if you’re still shopping around for an agent, confirming they provide all of these services will ensure you’re getting the most comprehensive advice.

Great Advice For Mortgage Options

Closed, open, fixed, variable, conventional, prepaid – the types of mortgages available can be one of the most important decisions you make related to your home purchase, and it’s imperative that you understand the options and what you’re signing up for.  While this guide is just an outline, the explanation of each of the types is one of the most helpful sections of this Road Map.

Explanation Of Mortgage Default Insurance

We’ve written before about mortgage default insurance.  It can be a confusing topic, and unfortunately the Road Map doesn’t really give enough information to be useful.  As in other sections the introduction is helpful, but there’s no real actionable advice to help a homebuyer know what to do next.

List Of Government Programs

You’ve probably heard of all sorts of grants and plans that can help home buyers’ afford a home.  Doing your own searching is always a good idea, but there’s a good list here that may help you find something you would have missed otherwise.

Concise Explanation Of Closing Costs And Other Related Costs

Closing costs are usually something of a mystery.  It can be very difficult to predict what the costs will be in your specific case.  The list given here is pretty detailed, and should be a good starting point so there are no surprises.  Unfortunately there aren’t any details about the points, so you’ll have to do some further research on your own to answer any questions you may have.

The Homebuyers’ Road Map does its job as a good introduction to the steps a new homebuyer will have to take to purchase their first home.  The information is pretty basic, but what would have made this a more useful resource would have been loading it with links to expand on the points contained in it.

As it is, you’ll have to do your own searching, but you’ll still benefit from having this map to guide you along your home purchasing journey.

Once again the guide can be found here.